Vijayawada: Central Bureau of Investigation (CBI) has registered a case against six former officials of Indian Overseas Bank, Vijayawada, and Guntur for misappropriation of depositor's money.
It was alleged that the Secretary, Arogya Bhadratha was maintaining Savings Accounts with Indian Overseas Bank, Mangalagiri Branch in Guntur district and having four deposits of Rs.90 lakh each and another account with a deposit of Rs.68,84,111, totaling Rs.428.84 lakh.
Bank Officials and others allegedly entered into a conspiracy and closed the four accounts of Secretary Arogya Bhadratha without any request from the account holder.
The proceeds of the four accounts amounting to Rs. 387.71 lakh were withdrawn. Later Rs.68.84 lakh were withdrawn from another account of Secretary, Arogya Bhadratha, on various dates. The money was transferred to unrelated accounts after routing through various Bank Office accounts and third party accounts.
Officials said the accused have allegedly misappropriated funds and caused loss to the Indian Overseas Bank to the tune of around Rs.456.55 lakh.
Searches were conducted at the premises of the accused at various places located in Andhra Pradesh and Tamil Nadu, which led to the recovery of several incriminating documents, officials said.